Package 4 Board Policy Statements Regulatory

Governance Policy
The Governance Policy defines the Board’s overarching approach to how it will meet the requirements set by European and UK regulators for strong, clear and proportionate governance and, as such, positions all other Board management activity.

Board Structure and Role Policy
This Policy enables the Board to set out how it will be structured to deliver the optimum level of governance and control of the Firm’s affairs.

Remuneration Policy
A clear remuneration policy is key to recruiting and retaining key staff, but it has become increasingly important to the regulator’s as a way of managing conduct risk.

Fit and proper persons Policy
The Senior Manager and Certification Regime has made this even more high profile than in the past. A business is as good as its people so it is strategically important to get this right.

Risk Management Policy
Following the financial crisis poor risk management systems was identified as a major contributor to the problems. Establishing a comprehensive and detailed approach is a prerequisite of regulatory best practice.

Investment Policy
The Solvency II Directive introduced this concept and Firms should be aware of the need to establish an appropriate Board Policy to achieve its aims.

Capital Management Policy
Probably the most important outcome from an Own Risk solvency Assessment is the proper identification of capital and the uses it may be put to. A Capital Management policy is now an essential element of Board control.

Internal Systems and Controls Policy
A long standing requirement of UK regulators and an essential Policy for the Board to put in place.

Internal Audit Policy
Nothing new here , but certainly a strengthened requirement as a result of the Solvency II Directive.

Outsourcing Policy
Again there have been long standing UK regulatory requirements for proper Board control of out sourced activities but now strengthened further by Solvency II and the Senior Manager Regime Requirements.


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